$IREN (-0,04 %)
$BTC (+0,85 %)

$IREN (-0,04 %) started earlier than its competitors. The potential is incredible in the truest sense of the word.

"We own the entire stack - land, electricity, substations, data centers and computers. We don't lease anything. This means lower costs, higher performance and long-term reliability. Currently, GPUs consume less than 2% of our total energy portfolio."

CEO & Founder Daniel Roberts

$IREN (-0,04 %) Vertical DC integration

What does the vertical integration of data centers mean for $IREN (-0,04 %) ? We take a look at this article from DataXConnect: " $NBIS (+2,45 %) will be a DataOne tenant for the next 10 years" (1). $NBIS (+2,45 %) provides the designs for the construction by DataOne. DataOne owns power, land, substations, transmission infrastructure, backup power generation and facility operations!

$NBIS (+2,45 %) pays colocation to DataOne! The 3.7 billion that Google/Fluidstack $WULF (+0,97 %) pays for 200 MW (2)? The 3 billion that Google/Fluidstack pays $CIFR (+2,79 %) pays for 168 MW (3)?

$NBIS (+2,45 %) DataOne is paying around 5.45 billion for their 300 MW. It is probably more, as DataOne has significantly more influence than $WULF (+0,97 %) / $CIFR (+2,79 %) as DataOne/BSO operates 240 data centers worldwide; for comparison: $EQIX (+0,19 %) (75 billion mcap) has 270 data centers. In addition, DataOne has additional capital expenditures for gas turbines behind the meter and will likely pass at least some of the costs on to $NBIS (+2,45 %) pass on. For $IREN (-0,04 %) which has already paid most of these costs at lower prices, this is largely pure margin!

From the Neoclouds $ORCL (+0,62 %) , $CRWV (+1,13 %) , $NBIS (+2,45 %) , $IREN (-0,04 %) . Is $IREN (-0,04 %) the only ones who own their own land, power, data centers and electrical infrastructure! $CRWV (+1,13 %) was lucky and signed a contract with $CORZ (+1,53 %) when $CORZ (+1,53 %) was on the verge of bankruptcy. He also secured $ORCL (+0,62 %) Crusoe's electricity when Crusoe failed at Bitcoin mining. $CRWV (+1,13 %) at least recognizes the weakness and tries to $CORZ (+1,53 %) to buy up.

1) https://dataxconnect.com/insights-dataones-new-300mw-data-center-with-nebius-signals-americas-insatiable-appetite-for-ai/

2) https://investors.terawulf.com/news-events/press-releases/detail/112/terawulf-signs-200-mw-10-year-ai-hosting-agreements-with

3) https://investors.ciphermining.com/news-releases/news-release-details/cipher-mining-signs-168-mw-10-year-ai-hosting-agreement/

$CIFR (+2,79 %)
$CRWV (+1,13 %)
$NBIS (+2,45 %)
$GOOGL (+0,12 %)
$GOOG (+0,09 %)
$MSFT (+0,42 %)
$META (+0,3 %)
$ORCL (+0,62 %)
$NVDA (+0,84 %)
$WULF (+0,97 %)

A silent reader for a long time, now my first post asking for feedback on my portfolio.

# Investment strategy

- Core-Satellite with MSCI World $IWDA (+0,33 %) , $SPPW (+0,29 %) and SP 500 $CSPX (+0,29 %) , $I500 (+0,29 %)

- Monthly investment: € 3,000-6,000 (fluctuates seasonally/because of bonuses and vacations).

- Current monthly savings plans: $VFEG (+0,58 %) Emerging Markets 1000€, MSCI World 1000€, Euro Stoxx 600 $MEUD (+0,53 %) with 600 € + $EWG2 (+1,72 %) Gold and $BTC (+0,85 %) -purchases on top without a fixed savings plan.

- Individual shares: US Hyperscaler $GOOG (+0,09 %), $MSFT (+0,42 %), $AMZN (+0,76 %) due to professional proximity, US share deliberately reduced by other stocks, etc. $DTE (+0,09 %) , $NOVO B (+1,72 %) , $ASML (-1,11 %) ,

$ALV (+0,91 %)

- Target weighting for alternative investments (gold/BTC) at least 10%.

- S&P 500 savings plan currently suspended as valuations appear too high.

- In future possibly: Max. 10% in speculative individual stocks (max. 2% per security). There are always interesting ideas here in the community

# Targets

1. remaining amount from house loan: due in 5 years € 35k (currently € 600/month charge) + in 10 years € 217k (currently € 1,600/month charge). Due to favorable interest rates (1.3%), I do not make any early unscheduled repayments.

2. building up retirement provision & financial freedom.

# Notes

- I have 2x SP500 and 2x MSCI World because I switched due to high gains and lower TER. It was recommended somewhere because of the FIFO principle for payouts. In retrospect, I would solve this at ING with a 2nd custody account.

- I have my BTC with Bitvavo and am satisfied

- Child custody account: In $TDIV (+0,13 %) invested, dividends (~600 €/year) are reallocated to MSCI World to use the exemption order, current custody account value for the 4-year-old: 4,900 €.

- Both employed (41/36 yrs.), gross household income ~€185k/year, wife works 32 hours/week.

- Property value house (new build 5 years ago in a medium-sized state capital), rented and paid-off condominium (600e/m net rent), occupational pension, Riester ETF are not included here.

My tip to the getquin community: Don't forget to live your life while investing :-)

For me:

• Own house -> quality of life is priceless, I can only recommend it to everyone, even if I had to almost completely liquidate my portfolio 5 years ago
• Road trips in the USA/Canada (before child and before Trump) -> countless great experiences
• Ford Mustang GT Convertible (6th gen) -> :-)

Reading time: 2-3 minutes

On the stock market, the spotlight is usually on the companies that sell their products directly to customers. However, I find the companies in the background more exciting - the shovel manufacturers who make the actual operation possible in the first place. That's where I see the more stable opportunities in the long term.

A prime example is $ASML (-1,11 %) (ASML Holding). Their lithography machines are the backbone of the semiconductor industry. Without them, there would be no chips for smartphones, AI models or e-cars. With a gross margin of over 50% and a virtually unrivaled market position, they are the epitome of a shovel manufacturer for me. Of course, the share price is not cheap, but I see a long-term fundamental investment here.

Then $GOOG (+0,09 %) (Alphabet). Many label Alphabet as an advertising company, but for me they are the digital infrastructure par excellence. Billions of people access Google Search and YouTube every day. What I find even more exciting is the Google Cloud, which is now growing by over 30% and is a key driver for future AI applications. There are also exciting projects and topics such as quantum computing and autonomous mobility. Anyone scaling into the internet or AI can hardly avoid Alphabet - and that's exactly what makes it a shovel manufacturer in the digital age.

And last but not least $INOD (+0,43 %) (Innodata). Much smaller, but interesting for precisely that reason. They supply data processing and training pipelines for AI - the raw material that big tech companies urgently need. The share price has risen massively in the last month, so I have reduced the position. But the story remains exciting: Innodata makes data usable and thus provides the shovels in the AI gold rush.

For me, the pattern is clear: shovel manufacturers benefit from major trends because they provide the tools without having to bear the risks of individual end products themselves. They often have a technological edge that makes them difficult to replace, and it is precisely this combination of stability and growth that makes them attractive in the long term.

How do you see it - do you tend to focus on the enablers in the background or on the companies that are directly at the forefront of new trends?

Founded in 2012 by researchers and engineers from the high-end IT sector, the Japanese company PKSHA Technology $3993 (-3,51 %) has since developed into an expert in AI algorithms. Since last year, they have also been largely accessible in this country with their entry into the Prime Market of the Tokyo Stock Exchange.

PKSHA Technology is a specialized AI company with the overarching goal of driving the "co-evolution of humans and software" by developing and implementing cutting-edge algorithm solutions into society. In contrast to large US companies, the focus here is also particularly on social acceptance and social benefit, as this is seen as the basis for sustainable economic success.

The company has focused on the development and application of artificial intelligence (AI), particularly in the areas of natural language processing (NLP) and predictive algorithms for the automation of specific business processes. Instead of competing directly for general AI models with global hyperscalers (such as Google $GOOG (+0,09 %) or Microsoft $MSFT (+0,42 %)), PKSHA focuses on the vertical integration of AI solutions, for example in customer service, communication and data analysis.

Its business activities are divided into three areas:

1. R&D (Research & Development) as the technological basis,

2. AI Solution for the provision of customized AI systems and

3. AI SaaS (Software as a Service) for scalable standard products such as chatbots, voicebots and intelligent FAQ systems. With these high-revenue SaaS solutions, PKSHA is considered the market leader in Japan.

The clear market focus is historically and primarily on the Japanese corporate market, where PKSHA already serves over 4,330 customers and has established itself as a leading provider of enterprise AI. Major customers include Itochu $8001 (+1,74 %), Mitsui Fudosan $8801 (+0,26 %) and Microsoft Japan $MSFT (+0,42 %). A strong position in the Japanese market will serve as a basis for future expansion.

The company's decisive competitive advantage results from the direct link between research and commercial application. The in-house research department "PKSHA ReSearch" develops proprietary, application-specific algorithms that can be quickly converted into scalable products. These are often developed in collaboration with leading research institutes and universities. The management demonstrates an extremely high willingness to innovate by consistently prioritizing R&D investments. This creates a technological moat, which is further strengthened by very high switching costs and data network effects among customers. Thanks to this strategy, the company is well positioned to establish itself as a leading player in its segment and beyond in the long term.

Key financial data:

Market capitalization (current): € 695 million

Turnover (2025e): approx. € 122 million

Profit (2025e): approx. € 17.5 million

P/E ratio (current): approx. 38

P/E ratio (2028e): approx. 22

Net cash position (current): approx. € 69 million

Market capitalization (forecast 2035): € 10-65 billion (based on own AI-supported analysis of the company and the overall market)

-> High multiplication potential

In my opinion a real hidden gem. What do you think of the company? Did you know PKSHA Technology before?

(Founder Uenoyama Katsuya)